Axa SA, parent company of Axa XL, confirmed on Friday that it would not be involved in TotalEnergies & # 39; East Africa Crude Oil Pipeline project.
"We confirm that Axa is not involved in the EACOP RfP, as the underlying project is not compatible with our risk appetite and, to a greater extent, with our climate commitments," the French multinational said in a statement to Business Insurance .
The pipeline would stretch 898 miles from Uganda to Tanzania, according to the #StopEACOP Alliance, an organization opposed to the project.
In its own release on Friday, Alliance published a statement from Lucie Pinson, founder and CEO of Reclaim Finance, who said: "We warmly welcome this decision, which comes as a new blow to TotalEnergies and its polluting oil pipeline project. We hope that EACOP is just the first of a long list of new oil and gas projects that Axa says no to.
The alliance said that Total East Africa Midstream BV, a subsidiary of the French oil giant TotalEnergies, published a tender for reinsurance and reinsurance brokerage services for the East African crude oil pipeline.